EnergyWatch

Statoil has pushed down costs by two thirds

The oil major managed to push costs way down, and its break-even price is now just USD 20 per barrel compared to USD 70 per barrel in 2013, reports Norwegian media Sysla.

Photo: Statoil

Statoil has targeted large-scale reductions in expenses related to the firms' oil production.

The oil major succeeded in this endeavor judging by the third quarter interim report, which reveals big earnings for Statoil as the company emerged from the quarter with an operating result of USD 2.3 billion.

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